Forex reserves up by $488.2 million to $401.385 billion


MUMBAI: The country’s foreign exchange reserves rose by $ 488.2 million to $ 401.385 billion in the week to December 15 on account of rise in foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had declined by $ 1.044 billion to $ 400.897 billion.

In the reporting week, the foreign currency reserves, a major component of the overall reserves, rose by $ 478.3 million to $ 376.906 billion, according to RBI data.

Expressed in US dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves. Gold reserves remained unchanged at $ 20.703 billion.

The special drawing rights with the International Monetary Fund (IMF) rose by $ 3.8 million to $ 1.5 billion.

The country’s reserve position with the IMF also increased by $ 6.1 million to $ 2.275 billion, the central bank said.

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